Motorcar Parts of America Reports Fiscal 2020 Second Quarter Results

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[{"type":"text","content":"\n-- Strong Profitability and Record Sales for the Quarter --\n\n LOS ANGELES--(BUSINESS WIRE)--\nMotorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2020 second quarter ended September 30, 2019 -- reflecting strong profitability and record sales for the quarter.\n\n\nNet sales for the fiscal 2020 second quarter increased 17.5 percent to $150.4 million from $127.9 million for the same period a year earlier, reflecting sales increases for both hard parts and diagnostic products.\n\n\nAdjusted net sales for the fiscal 2020 second quarter increased 16.4 percent to $151.4 million from $130.2 million a year earlier.\n\n\n“Our strong profitability and record sales for the quarter underscore the progress we are making in the execution of our strategic growth initiatives. We are on target to complete the majority of our expansion in Mexico and Malaysia by fiscal year end, which should further enhance our financial performance and strengthen our position within the non-discretionary hard parts aftermarket.\n\n\n“Equally exciting, our emerging diagnostic and testing equipment business, which includes applications for rotating electrical, electric vehicles and aerospace, continues to gain traction,” said Selwyn Joffe, chairman, president and chief executive officer.\n\n\nHe noted the company’s highly regarded customer service and expanding operating footprint position the company for growth and value creation.\n\n\nNet income for the fiscal 2020 second quarter was $6.2 million, or $0.32 per diluted share, compared with net income of $3.5 million, or $0.18 per diluted share, a year ago.\n\n\nAdjusted net income for the fiscal 2020 second quarter was $13.0 million, or $0.68 per diluted share, compared with $11.5 million, or $0.60 per diluted share, a year earlier.\n\n\nGross profit for the fiscal 2020 second quarter was $36.6 million compared with $25.7 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2020 second quarter was 24.3 percent compared with 20.1 percent a year earlier.\n\n\nAdjusted gross profit for the fiscal 2020 second quarter was $42.9 million compared with $36.0 million a year ago. Adjusted gross profit as a percentage of adjusted net sales for the three months was 28.3 percent compared with 27.6 percent a year earlier.\n\n\nThe results for the quarter and gross...

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